Wells Fargo is charging me $109,679 on a $42,905 student loan — Wells Fargo profits off of vulnerable people. Student Loans |
- Wells Fargo is charging me $109,679 on a $42,905 student loan — Wells Fargo profits off of vulnerable people.
- Is student loan consolidation smart? Dumb? Legitimate? Right for me?
- Switch from ICR to IBR
- Parent PLUS Loan
- Recently refinanced student loans, do I still need to make the next payment for old loan on due date?
- Current plan with forbearance
- What would you do? Refinance question
- Multiple hard pulls
- Friend is mentally ill. Don't think he will be able to work in the near future. What happens to his loans?
- Anywhere to refinance my loans that accept a bankruptcy?
- How do pell grants work.
- Federal Repayment Plan a Choice
- My Great Lakes: best way to make payments?
- WTF Borrower's Defense Insufficient Evidence & Failure to State a Legal Claim.
- Grad school loans
- Is this "student loan forgiveness" only for people who attended a public college /uni?
- Question About PSLF. I can't make sense of the wording
- Can I make more than interest payments during deferment?
- Refinancing to SOFI Review
| Posted: 21 Sep 2020 04:39 PM PDT It's well known that student loans are a problem in the US. My understanding that the issues were high university costs in America and banks harassing people when they couldn't pay, which is all true. I had little knowledge about the interest issue. After reviewing my student loan recently, I learned that at the rate I'm going I will pay Wells Fargo more than 100% in interest. Wells Fargo is profiting off of vulnerable people. I am lucky enough that my father took care of my first 3 years of college. My last year of college, my dad ran into some financial difficulties and couldn't pay for my last year of college. Being the prideful man he is, he didn't go into much detail about the situation I was in. He didn't inform me he was taking out student loans nor the consequences of having a loan in your name. I had limited information of what all of that meant for my future. The choice of transferring was never an option — which I wish I had. For one year of school I had 5 different student loans taken out in my name. 2 of them from Wells Fargo. For the 2010-2011 school year I had $41,000 disbursement at 11.24% interest rate and the 2011-2012 school year I had a $1,905.00 disbursement at 7.74% interest rate. My min monthly payment on just the Wells Fargo loans have been approx. $768 a month since I started paying the loan off. I have been paying my loans off since the end of 2012 and paid a total of $59,058 on the loan. Meaning I've paid a total of $16,153 above what I originally borrowed. At this point I've paid approx. 38% more than the original loan already. What's my balance today? My principal balance today is a total of $50,621. I borrowed $42,905.00 and after paying a total of $59,058 since 2013, I still owe 118% of the original loan. In total I am paying 156% more than what I borrowed. If I pay the loan off today, Wells Fargo would profit $66,774 in interest from me and that's only if I pay off the loan in full today. Everyday the interest on the loan increases. Since I graduated, my minimum monthly loan payment has been roughly $768, which was quite difficult to pay when I first graduated. I went on a few 3 month forbearances and also paid approx. $500 in late fees. So no, I am not perfect in all of this and want you to have all of the information. In the past 5 years I've been in good standing with paying on time. I never imagined that the forbearances and some late payments I had(1 30+ day late payment, no 60+ late payment) would equal $66,774 in interest. I understand if I used a credit card and spent $30,000 and paid only the monthly payment that would add a lot of interest. You could end up paying 3-4 times the amount you originally used. These are student loans though, I thought they were treated differently. In hindsight I could have done things a lot differently. I should have been more conscious and aware that a bank could do this. I should have looked at my student loan statement more regularly to try to understand it more. No one is going to help you do this stuff, especially when it's not in Wells Fargo's best interest to do so. It is very clear when my payment is coming up, but how much I've paid or how to avoid paying over $60k in interest is not readily available to their users. It makes sense, why in the world would Wells Fargo ever want me to have a good understanding of this. It's not profitable or in their best interest to provide knowledge or awareness. I'm quite disappointed in myself, I'm disappointed I trusted Wells Fargo to not put me in this position and I'm disappointed I trusted my dad to explain this complicated stuff and to get me a proper loan. It's on me I didn't do the research, I didn't try to get a lower interest rate and I chose ignorance instead of trying to understand my loan. I really never thought this could happen and it does. I called a lawyer thinking this was insane, it's not. I feel pretty stupid. Wells Fargo is taking advantage of students. This is wrong. How is this any different from what Scott Tucker did. Scott Tucker was found guilty, because this stuff is wrong. Scott Tucker just had nowhere the amount of money Wells Fargo does. It's hard not to think about this, I keep going over it in my head. I'm spinning a little out of control thinking about how messed up this stuff is, I don't even think my situation is close to the worst of it. I guess I just needed to vent since it's out of my control. I was told I could defer on my payments and at that point I could probably get Wells Fargo to cut my loan in half. Or I could file for bankruptcy, while student loans don't count in bankruptcy, there are some loopholes or something I could get by without paying. However, I don't want to do that and both options would destroy my credit(the first option not nearly as much). All I can do is learn from this. Moving forward I want to make a positive impact in the world, be more informed and help the people around me by speaking out. [link] [comments]  |
| Is student loan consolidation smart? Dumb? Legitimate? Right for me? Posted: 21 Sep 2020 01:30 PM PDT I'm the first one in my family to go to college, so I've never had much guidance in regards to student loans. I have 10 federal loans totalling $68,995. Two are in grace until July next year. The rest, until January. I live in Indiana and have a salary of $31,200, which in reality isn't that much but is actually pretty good for where I live in Indiana believe it or not, lol. I do have a part time job now that averages maybe $150 a week? The hours vary, so let's just round down to an extra $100 per week basically every week, adding $5200. So roughly $36,400 annually. I've been getting bombarded with mail and emails about student loan consolidation, specifically from nslds dot ed dot gov. I know I'm going to be paying these loans for a long time. I've known that from the beginning. I work for a great company that I plan on staying with for a long time. I moved from part time to full time earlier this year, which came with a raise, and then got promoted again in July after my boss left which came with another raise. They value me, I value them. I just kind of don't know how to best go about paying the loans and was wanting to get some advice. I have no idea about the legitimacy of student loan consolidation but is it something that might be right for me? If you need any other information then just let me know. Please be nice. Thanks! [link] [comments]  |
| Posted: 21 Sep 2020 07:50 AM PDT I've just learned that the terms for the Income-Based Repayment plan are more favorable than the one I've been in since 2013, the Income-Contingent Repayment plan. Specifically, it seems like my payment would be 15 percent of a smaller slice of my AGI, rather than 20 percent, which would be to my benefit because I might be able to participate in the PSLF program. Can I switch now, or do I lose a benefit? (I.e., the 25-year forgiveness clock resets?) If I can, should I just do this when I recertify my income (due next month), or is this a complicated process? [link] [comments]  |
| Posted: 21 Sep 2020 10:30 PM PDT What repayment options are available for this loan? Is there any forgiveness path for these loans? If this loan doesn't qualify for ICR, IBR, etc. What do other repayment options offer? [link] [comments]  |
| Posted: 21 Sep 2020 10:18 PM PDT Hi! Recently refinanced my student loans from Laurel Road to ELFI with a disbursement date of today. However, my next payment due date is in 3 days. I called Laurel Road and they told me I can cancel the autopay and just wait until they receive the disbursement. Would there be any potential negative impact to my credit if I allowed this to happen? [link] [comments]  |
| Posted: 21 Sep 2020 11:10 AM PDT What is your current plan with federal loans being in forbearance until next year? Are you paying them down anyway or holding onto the money seeing if forgiveness comes or it gets further pushed out? If you have private loans, are you reallocating the money there and paying those instead? Are you saving the cash and planning to resume when payments resume? I have a few paths I've been exploring in terms of best cost savings but I'm interested to hear what everyone else is doing in these weird times. [link] [comments]  |
| What would you do? Refinance question Posted: 21 Sep 2020 05:10 PM PDT So I have about 13 student loans that are all with FedLoan, and they vary from amounts of $2500 to $11500. All different interest rates, with the $11500 having the worst rates of about 6.9%. In total they are about $73,000 of student loans. I make too much for the income based repayment plans to be worth it/save me any money, but I sure as hell don't make enough to pay a mortgage and bills and pay about $950/month for the standard plans. So, I went ahead and started the extended fixed repayment plan. All in all, it comes out to about $470/month for 290 months. I was floored. Over the course of the next 24 years I'll pay about $136,000. So naturally I started looking elsewhere to refinance even though I know the golden rule is to "never refinance federal student loans" cause I'll be forgoing all the benefits allotted when having them. But I got a refinance rate of 4.8% and consolidation on the $73,000 amount. Comes out to about $485/month for 240 months so in total I'll pay about $116,000. Still terrible, but I'll be saving 4 years of my life in payments and about $20,000 all while only paying about $15 more per month. Is this a no-brainer or am I really underestimating the benefit of keeping all my loans with FedLoan??? [link] [comments]  |
| Posted: 21 Sep 2020 01:29 PM PDT I'm looking to refinance, I've gotten some pretty similar offers from some companies with their soft pulls. If I went ahead and submitted 3-4 applications for a hard pull would my credit report pick it up as 3-4 inquiries or would it recognize it as one and lessen the impact? Thanks [link] [comments]  |
| Posted: 21 Sep 2020 07:08 PM PDT I have a friend that is a physician in fellowship. He was diagnosed with schizophrenia. Its happened a few times the past years but recently he has been hallucinating so much that he has to go home and leave his fellowship. I am unsure what happens to his employability going forward but I imagine it would be difficult for him to practice. What happens to his student loans that his father co-signed? I believe it is around 300k US. Is there a way to delay the payments? Refinance? What happens if he defaults? What happens to his father? What would you recommend? I am not familiar with student loans. Thank you. [link] [comments]  |
| Anywhere to refinance my loans that accept a bankruptcy? Posted: 21 Sep 2020 06:58 PM PDT I'd love to refinance but none of the typical lenders will do it because of a bankruptcy on my credit (2016) so I'm stuck with a 9% loan ($50k) that I can barely make any headway on. Thanks! [link] [comments]  |
| Posted: 21 Sep 2020 06:35 PM PDT So this is my final year semester in technical college and I am just receiving financial aid, so I really don't know much about it. I have $2198 in pell grants and $625 in SC needs based grant. My tuition was paid by half of my pell and the the whole SC needs based grant. I'm wondering will I receive the other half of my pell grant as a refund. I am only taking 8 credit hours. [link] [comments]  |
| Federal Repayment Plan a Choice Posted: 21 Sep 2020 05:34 PM PDT How did you all decide which plan to go on? It seems to make sense to pay them off as soon possible rather than wait for the possible tax bomb? My situation: 79k principal + 7800 interest accrued while in grad school. 78k gross. Plan is to pay the interest off before it capitalized and then dump 1100-1300 a month into loans for the next 7 years 🙄 Another question. The 10 year standard repayment plan. Does this actually have you pay off the entirety of the loans? I keep seeing posts on here where people pay the minimum on the standard plan and they end up paying 2x the original loan. [link] [comments]  |
| My Great Lakes: best way to make payments? Posted: 21 Sep 2020 03:57 PM PDT I've read reviews that say My Great Lakes is not very prompt when it comes to recieving payments, so was wanting to know the most efficient means to make a student loan payment. Internet(?), phone call(?), bank routing(?), debit card(?), ect. Also, does the custom allocation feature work? Any and all advice is appreciated! [link] [comments]  |
| WTF Borrower's Defense Insufficient Evidence & Failure to State a Legal Claim. Posted: 21 Sep 2020 01:56 PM PDT So I'm pretty sunk right now. I just received an email telling me that my Borrower's Defense claim was rejected. I went to a for profit-school for IT, Career Point. They promised lifetime job placement, continuing education, and certifications. - They discontinued my program about a year after I graduated HuffPost did an article a while back : Now I'm stuck with a 35k turd. From what I've read re-applying or appealing it is pointless. Am I just boned? At least I can tie a tie now? [link] [comments]  |
| Posted: 21 Sep 2020 07:53 AM PDT So I'm planning to attend grad school for a year, and the price is 36k. I can get 20k from fafsa, and I have college ave as a last option for the rest of my loans. I was wondering if there are any better options out there than college Ave? Like maybe taking loans from a bank instead? Thank you. Edit: so the masters is on a field called natural language processing. I'm doing it because I do see myself in the future working in the field, and also hoping being in the program and doing well could get me some referrals from the professors, or atleast some connections with people working in the industry when I work in my capstone. My undergrad was B.S in computer science but I am having a hard time finding a job right now, so I'm also hoping that this would give me a leg up. Thank you. [link] [comments]  |
| Is this "student loan forgiveness" only for people who attended a public college /uni? Posted: 21 Sep 2020 01:33 PM PDT I am in the process of figuring out if i will pay down my loans in a lumpsum since i have been saving heavily in order to pay them off in full by mid next year. I am nervous about student loans being forgiven, but i keep seeing the proposal of it only being for students from a public college. The issue is i went to a private university. So does this mean i should even bother looking forward to the loan forgiveness and i should just pay off my loans aggressively? [link] [comments]  |
| Question About PSLF. I can't make sense of the wording Posted: 21 Sep 2020 06:30 AM PDT Long story short, I'm an idiot. I've been working a public service job for the past 4.5 years and I am not enrolled in the PSLF program. If I were to fill out all of the paper work now, would the payments I've made over the past 4.5 years count towards my 120 payments? I see on the literature that the program is not retroactive, but it also mentions October 2007. All of my loans are from 2011-2015. Help! [link] [comments]  |
| Can I make more than interest payments during deferment? Posted: 21 Sep 2020 06:06 AM PDT I am still paying off hefty student loans (and will be for a long time). However, my employer may pay for me to back to school in a new program. If I were to go back to school, is there any benefit in deferring my current loans, but continue making payments that are greater than the amount of interest accruing? I could probably afford to continue paying what I pay monthly now. [link] [comments]  |
| Posted: 21 Sep 2020 07:50 AM PDT Hey fam, I thought I'd share my experience with refinancing with SOFI as I'm sure everyone is thinking about their financial situation in these uncertain times. Here are just some of my thoughts now that its been 9mo since I've refinanced.
My 2 cent solution on the student loan crisis:
Anyway, good luck y'all— hoping one day I'll rid myself of this anxiety and feel good about myself again. I swear this loan feels like a burden that just haunts me in my sleep. [link] [comments]  |
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